This assignment must be in essay form with not more than 1000 words.

Topic: Accounting for Leases - Criticisms of current lease accounting models. \"The existing lease accounting model does not promote transparency and comparability of the financial position of companies that buy assets with those that lease similar assets. This has led critics to assert that the financial statements do not always provide a faithful representation of leasing transactions. FASB / IASB have deliberated on the main issues of recognition and measurement but with differing views. Discuss the main issues highlighted by the IASB and FASB, including their differing views, in achieving comparability and transparency in financial statements. NOTE: This is an essay and should NOT be written as a report. Other requirements: You must collect and use/cite at a minimum 12 references. They must be: - 4 academic journal articles - 6 other resources such as the ED document, business and accounting related journal articles, magazines, newspapers, organizational website and documents, etc. You CANNOT USE Wikipedia, textbooks (this includes Loftus et l 2013), lecture notes, essays online, and websites of a similar nature